Retirement Products
RS 101
LA Region Fun Facts
100
Why RETIREMENT matters? (Name the 4 Rs)
1.RETIRE!!!
“You need a paycheck today… you’ll need a paycheck when you retire.”
2. RECRUIT & RETAIN!!
“A retirement plan is the second most sought after benefit, right after health insurance.”
3. REDUCE TAXES
“I want to pay more in taxes”, said Nobody. Ever
4. REQUIRED
CalSavers... required for 1+ EE
100
CPA Revenue Share for Retirement
SIMPLE: $100
STARTER K: $100
STARTUP 401K: $200
CONVERSION: $500
OVER 50+ EE CONVERSION: $1000
NEW RS CPA INBOX!
100
How do you win RS Best of the West: Battle of the RS Belt this month?
The region with the Top RS $$ wins. Every RS product counts! (SEP, SIMPLE, STARTERK, 401K)
Current Standings:
$2.2 CULVER v $4.3 WH
200
T or F: You can take a loan out and offer no employer match on a SIMPLE IRA
FALSE!
Simple: no loans; Match required
StarterK: 1 loan maximum; No match allowed
401k: loans allowed; No match required
200
SECURE ACT 2.0
Beginning in 2023 there are great tax incentives for business owners with less than 50 employees. They can potentially receive a tax credit up to ____% of Retirement admin cost for the first three years. This is up from the 50% that was allowed with Secure Act 1.0
Tax credit up to 100% of Retirement admin costs for business owners with less than 50 employees for the first 3 years.
Being that only 1/3 of business owner eligible for tax credits actually apply for and secure them, this is a HUGE value add. Don’t forget to talk about this! The enhanced tax credits are available beginning with the 2023 tax year.
200
Which SBS rep sold the most RS $$ last year?
Meagan McKinney over $50k in RS!
300
T or F: Contributions for SIMPLE IRA are 100% vested immediately.
TRUE!
Simple: Contributions 100% vested immediately
401k: Various Vesting Schedules (more flexibility)
300
Paychex Promotion this month!
8 months FREE Paychex 401(k) + 4 months FREE Payroll (3+ EEs) = Up to 12 months FREE total!
Did you know?
Paychex Payroll: HONEYMOON PRICING Promotion strategy. Known to aggressively discount in order to win deals, but then systematically raises prices in subsequent years.
401k Differentiator: ADP requires RS reps to be fully licensed!
300
Which SBS SE Team sold the most RS $$ last year?
Cristal Leon over $310k!
400
What is the annual employee deferral limit for a STARTERK vs SIMPLE IRA vs 401K plan?
STARTER: $6,000
SIMPLE: $17,000
401K: $24,500
400
Form _____ is the annual filing required by the IRS and DOL. When is it due?
Form 5500. It reports important info on the 401k: assets, participants, fees, investments, plan compliance w/ federal laws like ERISA.
DUE JULY 31ST (seven months after the end of the plan year) can file an extension (Oct 15th)
Penalties: IRS up to $150,000 and DOL penalties are often higher; assessed separately.
400
Name the FOUR different Retirement Partners :)
Kyle Bonham, Evan Prewitt, Victoria Trieu (getting licensed!), Mikala Williams
500
ROLE PLAY - $500 POINTS!
'My Business is my retirement/I'm relying on Social Security...'
*role play*
Just one stream, you need more! Same goes for Real Estate!
SOCIAL SECURITY expected to run out in 2034 and $1290.... yea they ain't gonna cut it????
500
ROLE PLAY - $500 POINTS!
'The mandate doesn't apply to me, I am owner only'
*role play*
Great! We can reduce your payroll tax liability this year by setting up a retirement plan through the business!
500
ROLE PLAY - $500 POINTS!
'I am with PX for payroll and retirement already.'
*role play*
**GET 500 EXTRA POINTS IF YOU CAN NAME THE 3 DOCUMENTS NEEDED TO DO A 401K BENCHMARK FROM PAYCHEX!**
401K BENCHMARK DOCUMENTS FROM PAYCHEX:
Client Fee Disclosure
Participant Fee Disclosure
Adoption Agreement
